Victorian Consolidated Legislation

Corporations (Ancillary Provisions) Act 2001 - SECT 24

ASIC has certain functions and powers

24. ASIC has certain functions and powers



(1) The Minister, or a person authorised in writing by the Minister, may enter
into an agreement or arrangement with ASIC for the performance of functions or
the exercise of powers by ASIC as an agent of the State, even if those
functions or powers are or may be conferred on another person or body by or
under a law of the State.

(2) An agreement or arrangement of a kind referred to in subsection (1) has
effect by force of this section despite any provision of a law of the State
with respect to any function or power that is the subject of the agreement or
arrangement.

Note Section 11(9) of the
Australian Securities and Investments Commission Act 2001 of the Commonwealth
provides that ASIC has, but is not under a duty to perform, the functions and
powers that are the subject of the agreement or arrangement with the State.